Banks offering more than 9% interest on FDs in 2020

There are many banks in India that offer more than 9% p.a. on Fixed Deposits (FDs). Term deposits are an ideal investment option, especially for those who are looking for benefits like high liquidity, premature withdrawal facilities, nomination facility, loan/overdraft, etc. It is not difficult to find banks that pay a good rate of interest and there are a few that pay a high rate such as Mahaveer Bank, ESAF Small Finance Bank and Suryoday Small Finance Bank.

Given below is a revised list of banks that pay over 9% p.a. in 2020:

FDs paying more than 9%

Bank

Tenure

Regular FD Rate (per annum)

Senior Citizen FD Rate (per annum)

Mahaveer Bank

More than 2 years to 5 years

8.50%

9%

ESAF Small Finance Bank

1 year to less than 2 years

8.75%

9.25%

Suryoday Small Finance Bank

2 years to 3 years

8.75%

9.25%

Suryoday Small Finance Bank

950 days

9%

9.50%

Suryoday Small Finance Bank

1 year to 2 years

8.50%

9%

*Interest rates are subject to change and can be revised from time to time at the discretion of the bank.

Mahaveer Bank

Mahaveer Bank is a co-operative urban bank. It offers a variety of deposits scheme to individuals.

The interest rates offered by the bank on their fixed deposit schemes are attractive.

At present, the bank pays a lucrative rate of 9% p.a. to senior citizens for deposits held for more than 2 years up to 5 years.

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